06 Apr

6 Things First Time Home Buyers Need to Do and Avoid

If you’re new to the home buying process, you may feel overwhelmed with all of the unknowns. When just starting out in your search, the road ahead may look long and daunting, but here are a few things first time home buyers need to do and avoid when purchasing their first home.

6 Things First Time Home Buyers Need to Do and Avoid

Interview your potential agent

Don’t just select the first agent you come across in your search. You want to make sure the agent will best represent and uphold your family’s unique needs when it comes to buying a home, and you want to be sure they’re a good fit for you! Find an agent you’re interested in and make an appointment to stop by their office to meet them. Make a list of questions you’d like to have answered, then have a conversation with them to see if they’re a good fit for you.

Know whether you should buy or rent

Know what you need, and what you can afford

Buying your first home is as much an emotional journey as it is a financial one. Before you even go look at your first house, make sure you’ve determined exactly how much house you need and what price point you can actually afford.

Avoid looking before you’ve visited the bank

Once you’ve determined your budget and max price point, avoid the temptation to jump into your search. Now’s the time to visit the bank to talk with a lending agent and get pre-approved for a loan. Many sellers may not accept an offer for a home if you haven’t been approved for a loan, so don’t wait until you’ve found the house of your dreams to visit the bank.

Save for a down payment

This should happen long before you decide it’s time to start your search. While some loan options require little down payment, the more you can save the better. The larger down payment you have, the lower your monthly payment.

Avoid committing before you’re truly ready

Becoming a homeowner has many perks, and it’s exciting for young couples to own their first home together. However, it’s so important to first be honest with your finances and life situation to make sure that settling down in an area and taking on this large financial responsibility is a commitment you’re ready for.

If you decide you are ready, great! By following these few tips you’ll be ahead of the game and ready to step into this next great adventure.